May 9 (Bloomberg) -- A U.S. criminal securities fraud case
against Maksim Bakiyev, the son of former Kyrgyzstan leader
Kurmanbek Bakiyev, has been dismissed, prosecutors said, without
giving an explanation.

The U.S. had sought to extradite the younger Bakiyev, 35,
from the U.K. to face trial on charges of conspiracy to commit
securities fraud and obstruction of justice. Dismissal of the
case was confirmed today by Robert Nardoza, a spokesman for U.S.
Attorney Loretta Lynch in Brooklyn, New York. He declined to
comment further.

Maksim Bakiyev, who headed a development agency in
Kyrgyzstan, has been living in the U.K. since fleeing the
Central Asian nation after an April 2010 coup. An extradition
hearing was to begin May 13 in the U.K. It is no longer
required, said Tim McAtackney, a spokesman for the U.K.’s Crown
Prosecution Service.

Maksim Bakiyev wasn’t named publicly in U.S. court filings.
In April 2012, federal prosecutors in Brooklyn accused U.K.
businessman Taiyyib Ali Munir of aiding a former “high-level
government official” of an unidentified Central Asian country
in an insider-trading scheme from 2010 to 2011.

Munir pleaded guilty and was sentenced in January by U.S.
District Judge Jack Weinstein to time served, which was less
than a month in U.S. custody, on a conspiracy charge.

Maksim Bakiyev and his father have both been accused of
corruption by Kyrgyzstan’s current government. Maksim Bakiyev
faces allegations in a Kyrgyzstan court that he abused his
governmental post, misused as much as $300 million in state
funds, and engaged in money laundering, according to a spokesman
for current Kyrgyzstan President Almazbek Atambayev.

In December, the spokesman, Kadyr Toktogulov, said his
country was providing information to American officials as part
of the U.S. extradition effort. Toktogulov didn’t immediately
respond to an e-mail today seeking comment on the dismissed case
in the U.S.

Munir was arrested in July and initially accused in a
criminal complaint of passing inside tips about about Global
Industries Ltd., Tyco International Ltd. and InterMune Inc. as
part of the scheme.

During his plea hearing in October, he admitted to offering
to sell confidential earnings reports about unspecified
companies to a government informant. Ultimately, he didn’t
provide the reports, prosecutors said in a memorandum filed Jan.
3.

A lawyer for Maksim Bakiyev in the U.K., Michael O’Kane,
didn’t immediately respond to a phone call seeking comment. A
lawyer for Munir, Pamela Johnston, declined to comment.

The Munir case is U.S. v. Munir, 1:12-cr-00648, U.S.
District Court, Eastern District of New York (Brooklyn).